DLF rebounds as arm sells entire stake in Adone Hotels for Rs 587-cr

DLF is trading higher by 2% at Rs 197, bouncing back over 3% from its intra-day low, after the real estate major's arm sold its entire stake in Adone Hotels and Hospitality for Rs 567 crore.

“The company’s wholly-owned subsidiary, DLF Hotel Holdings, has divested its entire shareholding in Adone Hotels and Hospitality Limited (Adone) for Rs 567 crore,” DLF said in a filing to the stock exchanges.

Accordingly Adone and its wholly-owned subsidiary, Marala Real Estate Private Limited, ceased to be subsidiaries of the company.

The above transaction is in line with the DLF’s stated objective of divesting its non-strategic assets, it added.

 

A total 3.02 million shares have changed hands on the counter so far on the NSE and BSE.